The contemporary capitalism: the global financial markets instability, perspectives on the national growth and macroeconomic management from the new developmentism theory

• Grant number: 11/13881-0
• Support Opportunities: Scholarships in Brazil - Post-Doctoral
• Start date: March 01, 2012
• End date: February 28, 2014
• Field of knowledge: Applied Social Sciences - Economics - Growth, Fluctuations and Economic Planning
• Principal Investigator: Luiz Carlos Bresser Gonçalves Pereira
• Grantee: José Jobson do Nascimento Arruda
• Host Institution: Escola de Economia de São Paulo (EESP). Fundação Getúlio Vargas (FGV). São Paulo , SP, Brazil

Abstract

This research aims to contribute for a strategy of developmentism to the so-called medium-income countries, in particular the case of Brazil, from this new theoretical paradigm whith the purpose of promoting the catching up of this country in the face of the already developed ones. So, in order to achieve this objective, I take back to the genesis of the international financial system back in the Nineteenth Century, then the crises typical of the capitalism, mainly those ones related to the neoliberal years, as approached in my doctorate thesis; until the economic crises of 2008, entitled by some authors as 'The Great Recession'. In this sense, it will be necessary a theoretical approach capable of aggregate as many views as necessaries in order to be able to comprehend such an event. The Marxist and Keynesian approach are particularly privileged in this research, mainly some exponents of the post-keynesian thought. Whereof the recent crises context I intend to discuss the possibilities of the contemporary capitalist system and our specialties at this singular movement of great convergence. The capitalism itself from the last forty years has gone through a process of extreme supremacy of finance which reinforces the self-destructive potential of the system. In this way, the particularities of the crises that touched the Brazilian's own circumstances will be analyzed, their unfolding regarding the crises in the face of the ratio of integration between the country and the global financial system, either in perspective and prospectively. So, alternatives would be pointed out in order to achieve growth regarding the emerging economies that could be potentially less toxic in the long run upon the cycles intrinsic to the system. As a result - and maybe the main objective of this research - impacts and policies will also be rolled regarding the Brazil's macroeconomic management in this context; also the portifolio management in such an inconsistent financial markets which starts to request renewed ways of analytic and instrumental approach. (AU)